Trump Media Has Big Plans—And Falling Shares. What’s Next for ‘DJT’ Stock?

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Trump Media & Technology (DJT) has taken investors on a wild ride. Unfortunately for them, it's mostly been downhill.

And it's unclear when that might change, with the stock extending its slide as the company—parent of social media platform Truth Social, part-owned by President Donald Trump—appears to plotting a new path under new leadership. Trump Media earlier this week appointed Kevin McGurn its interim CEO after its longtime chief, former Congressman Devin Nunes, stepped down.

Trump Media, then led by Nunes, seemed on the upswing as Trump clinched a second term, with a market capitalization around $9 billion. More recently, it has reported steep financial losses, and announced a deal with fusion energy company TAE Technologies, plans to spin Trump Media businesses including Truth Social into another public company, and the possibility of more deals on the way.

Investors haven't seen much that they like, with the stock generally falling since Trump's reelection and the company's market value now around $2.5 billion.

Though Trump Media started out on a pretty path after its listing debut in March 2024, and shares surging on President Trump's winning a second term—its future now would appear murkier.

Nunes on Truth Social thanked President Trump, saying the time was "appropriate" for McGurn to "take over the Company's leadership and steer Trump Media through its current transition phase." Eric Swider, who was chief of the blank-check company that merged with Trump Media to land "DJT" on public exchanges in 2024, resigned from the board in early April.

Truth Social continues to be a vital communications organ for the president—but its monthly active users on iOS and Android have fallen 9% year-over-year to a little over 2 million, while desktop and mobile web audiences have declined 27% to 4.6 million users, according to estimates from digital intelligence platform Similarweb. Its daily active users, at just under 320,000, are about a tenth of the next biggest platform, Blusky Social, and a sliver of X's roughly 129 million, according to Similarweb data.

Trump Media in February reported 2025 revenue of about $3.7 million and a net loss of more than $712 million, most of which the company said was due to unrealized losses from its digital assets and related securities. At the end of 2025, the company said, it had about $2.5 billion in cash, restricted cash, short-term investments, stock, note receivables, digital assets and pledged digital assets.

McGurn has served as an adviser to Trump Media since late 2024. He was also the chief of at least two blank- check companies that have been in deal talks with Trump Media: Yorkville Acquisition Corp. (MCGA), which per an August announcement is intended to form Trump Media Group CRO Strategy, a digital asset treasury focused on cronos, crypto that is held on Trump Media's balance sheet, and Texas Ventures Acquisition III (TVA), which Trump Media said in February was in "discussions" to merge with Trump Media businesses including Truth Social and other of its businesses after they were spun off.

A merger between spun-off Trump Media businesses and Texas Ventures would occur only after Trump Media's merger with TAE, a company aspiring to make fusion energy a commercial reality, according to the companies.

Trump Media has yet to offer much explanation for the management change or detail regarding what could follow. A Trump Media spokesperson directed Investopedia to official statements and did not directly address emailed questions regarding the resignation of Swider, the status of the pending deals announced by Trump media, and whether McGurn would be handling those deals.

For now, investors are backing off. The shares recently traded below news of the latest round of deals landed—though holding above 2026, and all-time, lows below $9 apiece.

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